1973 (10) TMI 26

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....at the instance of the Commissioner of Income-tax by the Income-tax Appellate Tribunal is : " Whether the Tribunal was justified in law in disposing of the appeal by the Income-tax Officer solely on the ground that in the connected case of I. C. Gupta, it has been held under the Gift-tax Act that there was a gift by I. C. Gupta to the extent of Rs. 20,587 ? " The question has arisen in the f....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

..... Gupta to the extent of Rs. 13,750. He, accordingly, taxed him under section 12B of the Indian Income-tax Act, 1922. The assessee went up in appeal. The Appellate Assistant Commissioner allowed the appeal holding that the transaction had caused not a capital gain to the assessee, H. C. Gupta, but a capital loss. This finding was arrived at on the basis that larger profits were earned during the a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ransaction was held by the Gift-tax Officer to be one of gift. The Income-tax Tribunal appears to have applied the principle of res judicata in non-suiting the department and held that the decision of the Gift-tax Officer under the Gift-tax Act was final and binding on the income-tax authorities in respect of the interpretation or effect of the transaction of exchange which had been brought to tax....